The 2024 APEC Economic Leaders’ Meeting concluded in Lima, Peru, with the issuance of the Machu Picchu Declaration, underscoring the commitment of the 21 member economies to foster inclusive and sustainable economic growth in the Asia-Pacific region.
Key Highlights of the Declaration:
- Trade and Investment: Leaders reaffirmed their dedication to a free, open, fair, non-discriminatory, transparent, inclusive, and predictable trade and investment environment. They emphasized support for the rules-based multilateral trading system, with the World Trade Organization (WTO) at its core, and committed to working toward necessary WTO reforms to enhance its functions.
- Supply Chain Connectivity: The declaration highlighted the advancement of Phase Three of the Supply Chain Connectivity Framework Action Plan, aiming to establish secure, resilient, sustainable, and inclusive supply chains. Leaders emphasized the importance of digitalization and automation in trade facilitation to enhance efficiency and reduce costs.
- Inclusive Growth: A significant focus was placed on accelerating the full implementation of the La Serena Roadmap for Women and Inclusive Growth, striving for gender equality and women’s economic empowerment in the region. Leaders acknowledged the contributions of women in driving innovation and growth across various economic fields, including STEM and creative industries.
- Digital Transformation: Recognizing digital transformation as a key driver of economic growth, leaders committed to advancing the APEC Internet and Digital Economy Roadmap (AIDER). They emphasized the need to bridge digital divides, including the gender digital divide, and to support micro, small, and medium enterprises (MSMEs) in integrating into global value chains.
- Sustainability and Climate Change: The declaration underscored the importance of sustainable practices, including the development of clean and low-carbon hydrogen policy frameworks and the adoption of principles to prevent and reduce food loss and waste in the Asia-Pacific region. Leaders also acknowledged the need for cooperation on gender and climate change.
- Formalizing Economies: Leaders endorsed the Lima Roadmap to Promote the Transition to the Formal and Global Economies (2025-2040), aiming to integrate informal economic actors into the formal economy and global markets. This initiative seeks to enhance productivity and build economic resilience across the region.
The Machu Picchu Declaration reflects APEC’s ongoing efforts to address regional challenges and promote a dynamic, resilient, and interconnected Asia-Pacific community, aligning with the APEC Putrajaya Vision 2040.
APEC PUTRAJAYA VISION 2040
Our vision is an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations.
Remaining committed to APEC’s mission and its voluntary, non-binding and consensus-building principles, we will achieve this vision by pursuing the following three economic drivers:
Trade and Investment: To ensure that the Asia-Pacific remains the world’s most dynamic and interconnected regional economy, we acknowledge the importance of, and will continue to work together to deliver, a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment. We reaffirm our support for agreed upon rules of the WTO in delivering a well-functioning multilateral trading system and promoting the stability and predictability of international trade flows. We will further advance the Bogor Goals and economic integration in the region in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific (FTAAP) agenda which contributes to high standard and comprehensive regional undertakings. We will promote seamless connectivity, resilient supply chains and responsible business conduct.
Innovation and Digitalisation: To empower all our people and businesses to participate and grow in an interconnected global economy, we will foster an enabling environment that is, among others, market-driven and supported by digital economy and innovation. We will pursue structural reforms and sound economic policies to promote innovation as well as improve productivity and dynamism. We will strengthen digital infrastructure, accelerate digital transformation, narrow the digital divide, as well as cooperate on facilitating the flow of data and strengthening consumer and business trust in digital transactions.
Strong, Balanced, Secure, Sustainable and Inclusive Growth: To ensure that the Asia-Pacific region is resilient to shocks, crises, pandemics and other emergencies, we will foster quality growth that brings palpable benefits and greater health and wellbeing to all, including MSMEs, women and others with untapped economic potential. We will intensify inclusive human resource development as well as economic and technical cooperation to better equip our people with the skills and knowledge for the future. We will promote economic policies, cooperation and growth which support global efforts to comprehensively address all environmental challenges, including climate change, extreme weather and natural disasters, for a sustainable planet.
To maintain APEC’s unique position as the premier forum for regional economic cooperation as well as a modern, efficient and effective incubator of ideas, we will embrace continuous improvement of APEC as an institution through good governance and stakeholder engagements. We will advance the APEC Putrajaya Vision 2040 with a spirit of equal partnership, shared responsibility, mutual respect, common interest, and common benefit. We will achieve the vision by 2040, with an appropriate implementation plan and review of its progress.
Summary by DigitalTrade4.EU